The popular meme coin DogWifHat (WIF), which is built on the Solana blockchain, witnessed a seven-day decline, falling by as much as 50% within 24 hours on the morning of Thursday, April 18, according to data from CoinGecko, and then its downward momentum slowed to record a weekly loss. It is approximately 31% at the time of writing this article. Consequently, WIF was characterized as one of the most losing meme currencies amid the decline of the entire market, which led to a decline in the prices of most major currencies this week by rates estimated at tens of percent.
For example, when looking at the 10 largest meme currencies in terms of market capitalization, we notice that the leading meme currencies recorded losses of similar proportions this week. Dogecoin-DOGE declined by 25%, Shiba Inu-SHIB by 19.5%, Pepecoin-PEPE by 28%, Floki-FLOKI by 30%, and Bonk-BONK. ) by 35%.
The bear market was not limited to meme currencies only, as the sector leader Bitcoin (Bitcoin-BTC) witnessed a decline of 12% during the week and was traded at about $62,000, as it was negatively affected by the news last weekend when Israel was subjected to an Iranian attack in response to an Israeli strike in Syria that resulted in... About the killing of Iranian soldiers.
Additionally, volatility increased slightly ahead of the upcoming Bitcoin halving event on Saturday, a software update that halves Bitcoin mining rewards.
The halving will reduce the new supply of Bitcoin, and analysts believe that it will soon create an upward trend, given that the supply will be much less than the demand, especially with the increasing institutional demand for Bitcoin after the approval of the launch of 11 Bitcoin Spot ETFs within a month. January.
A significant decline in the price of Bitcoin usually indicates a decline at the level of the entire crypto market, and this is what we see today with most of the leading currencies declining by rates that reached tens of percent this week.
